Hasbro shares soar as ‘Star Wars,’ ‘Frozen 2’ toys fueled holiday sales

FAN Editor

Sarah Whitten

Strong sales of “Star Wars” and “Frozen 2” toys helped boost Hasbro’s holiday sales during the fourth quarter, sending shares of the company up about 7% in premarket trading Tuesday.

Net income rose to $267.3 million, or $2.01 per share, in the fourth quarter ended Dec. 29, from $8.8 million, or 7 cents per share, a year earlier. Earnings in the latest period were helped by a one-time benefit of $102.5 million from gains in foreign currency hedging.

Excluding items, the company earned $1.24 per share, higher than analysts’ estimate of 91 cents, according to data from Refinitiv.

Net revenue rose 2.8% to $1.43 billion, but missed the estimate of $1.44 billion.

Revenue from Hasbro’s partner brands unit, which includes sales of toys based on entertainment franchises, rose nearly 50% to $408.5 million in the fourth quarter.

For the full year partner brands rose 24% to $1.22 billion. Hasbro pointed to strong sales of “Frozen 2,” “Avengers,” “Spider-Man” and “Star Wars” lines for the increase.

The company’s games segment suffered during the fourth quarter, with revenue falling 8% to $246.4 million. While sales of Dungeons and Dragons remained strong, dwindling purchases of Pie Face and Speak Out weighed on sales.

This is a breaking news story. Please check back for updates.

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